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ZUHYX:US politicians who may be spinning the news with crypto
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ZUHYX:Donald Trump seems to have doubled down on digital assets after he was convicted of 34 felony counts in New York.

 

Though it is an election year in the United States, politicians are not new to using topical issues to divert attention away from less-than-favorable media coverage. cryptocurrency seems to be one of the latest methods some U.S. lawmakers employ to ‘wag the dog’ on information that could potentially harm them when voters go to the ballot boxes in November. 

For members of the Republican Party, this could mean making a popular statement against issuing a central bank digital currency (CBDC) or equating cryptocurrencies

 

like Bitcoin with financial freedom. Some Democrats might choose to associate crypto transactions with the financing of terrorism or break ranks with many party members and come out in support of digital assets.

 

Matt Gaetz

On June 18, the U.S. House of Representatives Committee on Ethics announced that it would be investigating Florida Representative Matt Gaetz for obstruction related to allegations of “sexual misconduct and illicit drug use.” Gaetz has previously backed legislation favoring crypto regulation, including the Financial Innovation and Technology for the 21st Century (FIT21) Act. However, he has rarely made public statements suggesting digital assets were central to his position as a lawmaker.

 

On June 25, Gaetz introduced a bill that could require the Internal Revenue Service (IRS) to accept Bitcoin payments for U.S. citizens filing their federal income taxes. The Florida lawmaker said the legislation resulted from his visiting the inauguration of El Salvador President Nayib Bukele, claiming that he wanted to “modernize” the tax system in the United States.

 

Gaetz is running for reelection in 2024 and will face off against fellow Republican Aaron Dimmock in an August primary and potentially Democratic candidate Gay Valimont in the general election. Neither Dimmock nor Valimont appeared to have taken a strong pro- or anti-crypto position at the time of publication.

 

Donald Trump

In 2022, former U.S. President Donald Trump started backtracking on his previous statements on cryptocurrencies and blockchain while in office. Trump officially announced his reelection campaign and, within a few weeks, launched a non-fungible token collection.